Estate planning and women: it is time to know all that matters

Manisha, in her early 40s, has a teenage daughter. During a conversation about money, her daughter asked, 'How much money do you and dad have, mama?' It got Manisha thinking. She runs the house efficiently, but she has no idea of her own finances nor her husband's savings or assets, who were his nominees, or what plans he had for the future.

This is probably the case with so many women across the country. They may be heading big institutions, running successful businesses, or shaping young minds. But when it comes to knowledge of their husbands' assets and managing finances, they have miles to go.

Equality and necessity

Thorough knowledge of your or your spouse's properties and assets is a basic thing that every woman should know. While it is about equality, it is much more about necessity. With changing times and women's empowerment at its peak, taking responsibility for their own finances is the basic that all women should start doing.

What if there is a situation when she has to make decisions, but is left clueless because she doesn't know what and how much her husband has? That's why talking about estate planning with her husband is a must.

The first step

Estate planning and inheritance are two important pillars of one's financial journey. So before you start inculcating the habit of savings in your child, it is essential for you to start talking about such crucial things with your partner.